CBDT grants officials authority to waive or reduce interest payments
New Delhi: The income tax department has granted tax officials the authority to waive or reduce the interest payable by taxpayers, provided certain conditions are met, media reports said.
Axis Bank facilitates seamless GST payments for its commercial card clients
Kolkata: Axis Bank today announced its successful integration with the Goods and Service Tax portal, thereby allowing its Commercial Card Corporate customers to make GST payments seamlessly.
Govt to not go easy on Infosys over Rs 32,000 cr GST demand
New Delhi: The government is not considering any relaxation of the tax demand sent to Infosys last month, Reuters reported, citing a government source.
Budgets 2024-25: Key benefits Finance Minister Nirmala Sitharaman announced
New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday announced some key benefits for people in Budget 2024-25.
New Delhi: As the Union Budget 2024 approaches, taxpayers and financial experts are keen to see if new tax deductions will be introduced or existing ones modified.
Net direct tax collection grows 21% YoY to over Rs 4.62 lakh cr in Apr-Jun
New Delhi: India's net direct tax collections have increased by 21 percent year-on-year, reaching over Rs 4.62 lakh crore from April 1 to June 17, according to the income tax department on Tuesday.
April GST collection hits record high at Rs 2.1 lakh crore, up 12.4% y-o-y
New Delhi: India saw a record high in Goods and Services Tax (GST) revenue for April 2024, a 12.4 percent y-o-y increase, hitting a historic peak of Rs 2.1 lakh crore in gross terms, the Finance Ministry said on Wednesday.
CBDT enables taxpayers to file returns from Apr 1
New Delhi: The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024–25 (relevant to Financial Year 2023–24) from April 1, 2024, and onwards.
Direct tax collection surges 20% to Rs 18.90 trillion till March 17q
New Delhi: The income tax department reported a growth of 19.88 percent in net direct tax collection, which has surpassed Rs 18.90 trillion as of March 17.
January GST collection grows 4.4% to Rs 1.72 lakh cr
New Delhi: The government's Goods and Services Tax (GST) collections surged to Rs 1.72 lakh crore in January, according to the provisional data released by the Ministry of Finance on Wednesday.
Centre increases windfall tax on petroleum crude to Rs 9,800/ton
New Delhi: The Centre on Tuesday increased the windfall tax on petroleum crude from Rs 9,050/ton to Rs 9,800/ton, effective from November 1, a government notification said.
Direct tax collection grows 17% to Rs 5.84 lakh cr so far this fiscal
New Delhi: Net direct tax collection in the current fiscal year up to August 10 stood at Rs. 5.84 lakh crore, 17.33% higher than the net collections for the corresponding period of last year.
28% GST on online gaming: GST Council agrees to review after 6 months of implementation
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday announced the decision to implement 28% GST on the full face value of bets placed on online games, horse racing, and casinos.
Higher TCS levy on overseas spending postponed by 3 months to Oct 1
New Delhi: The Finance Ministry said on Wednesday that the implementation of the increased Tax Collected at Source (TCS) on overseas spending would be delayed by three months from the initial deadline of July 1.
New Delhi: The Centre on Friday announced that individuals who use their international debit or credit cards for payments, up to Rs 7 lakhs per financial year, will be exempted from the limits set under the Liberalized Remittance Scheme (LRS).